Ajay Jain, a director of product marketing at Rambus, recently told Semiconductor Engineering that LPDDR3 was the “workhorse” of the mobile memory market in 2014. According to Jain, LPDDR3 will retain its heavyweight status throughout most of 2015 before it is supplanted by next-gen LPDDR4.
Rambus Reports Fourth Quarter and Fiscal Year 2014 Financial Results
Business and Financial Highlights for the Year:
- Generated fourth quarter revenue of $72.0 million and annual revenue of $296.6 million
- Fourth quarter GAAP diluted net income per share of $0.07; fourth quarter non-GAAP diluted net income per share of $0.14
- Annual GAAP diluted net income per share of $0.22; annual non-GAAP diluted net income per share of $0.60
- Launched CryptoManager™ secure feature management platform with Qualcomm as lead customer
- Introduced IP cores program with easy-to-integrate solutions
- Unveiled enhanced LabStation™ validation platform to address complex IP design and integration
- Signed license agreement with Cisco Systems
SUNNYVALE, Calif. – January 26, 2015 – Rambus Inc. (NASDAQ:RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the fourth quarter and year ended December 31, 2014.
GAAP Financial Results:
Revenue for the fourth quarter of 2014 was $72.0 million, up 3% on a sequential basis from the third quarter of 2014 primarily due to higher contract revenue. As compared to the fourth quarter of 2013, revenue was down 2% primarily due to lower royalty revenue from Samsung and NVIDIA, offset by the royalty revenue from Qualcomm and Micron Technology.
Revenue for the year ended December 31, 2014 was $296.6 million, which was up 9% over the prior year period, primarily due to the license agreements signed with SK hynix, Micron Technology, Nanya Technology Corporation and Qualcomm, partially offset by lower royalty revenue from Samsung and NVIDIA.
Total operating costs and expenses for the fourth quarter of 2014 were $54.5 million, 1% lower than the previous quarter and 19% lower than the fourth quarter of 2013. Fourth quarter operating costs and expenses of $54.5 million included $3.5 million of stock-based compensation expenses and $6.3 million of amortization expenses. In comparison, total operating costs and expenses for the third quarter of 2014 of $55.2 million included $3.4 million of stock-based compensation expenses and $6.7 million of amortization expenses. Total operating costs and expenses for the fourth quarter of 2013 were $67.2 million, which included $3.1 million of stock-based compensation expenses, $9.7 million of impairment of long-lived assets, $2.2 million of restructuring charges, $7.5 million of amortization expenses and $1.5 million of retention bonus expense from acquisitions. The change in total operating costs and expenses in the fourth quarter of 2014 as compared to the third quarter of 2014 was primarily due to recognition of a one-time gain in the fourth quarter from sale of intellectual property, partially offset by an increase in prototyping costs. The change in total operating costs and expenses in the fourth quarter of 2014 as compared to the fourth quarter of 2013 was primarily attributable to impairment of long-lived assets and restructuring charges in the fourth quarter of 2013, gain from sale of intellectual property in the fourth quarter of 2014 and lower retention bonus expense from acquisitions partially offset by higher cost of sales due to increased sale of lighting products.
Total operating costs and expenses for the year ended December 31, 2014 were $221.2 million, 11% lower than the year ended December 31, 2013. The year ended December 31, 2014 operating costs and expenses of $221.2 million included $14.7 million of stock-based compensation expenses, $26.6 million of amortization expenses and $2.5 million of retention bonus expense from acquisitions. This is compared to total operating costs and expenses for the year ended December 31, 2013 of $249.0 million, which included $15.0 million of stock-based compensation expenses, $17.8 million of impairment of goodwill and long-lived assets, $5.5 million of restructuring charges, $9.0 million one-time reversal of accrued SK hynix and Micron related litigation costs, $28.9 million of amortization expenses and $10.4 million of retention bonus expense from acquisitions. The change in total operating costs and expenses was primarily attributable to impairment of goodwill and long-lived assets and restructuring charges in 2013 and lower retention bonus expense from acquisitions, partially offset by higher cost of sales due to increased sale of lighting products and as a result of the one-time reversal of accrued SK hynix related litigation costs in the second quarter of 2013.
Net income for the fourth quarter of 2014 was $7.8 million as compared to net income of $5.5 million in the third quarter of 2014 and net loss of $9.8 million in the fourth quarter of 2013. Diluted net income per share for the fourth quarter of 2014 was $0.07 as compared to diluted net income per share of $0.05 in the third quarter of 2014 and diluted net loss per share of $0.09 in the fourth quarter of 2013.
Net income for the year ended December 31, 2014 was $26.2 million as compared to a net loss of $33.7 million for the same period of 2013. Diluted net income per share for the year ended December 31, 2014 was $0.22 as compared to a diluted net loss per share of $0.30 for the same period of 2013.
Non-GAAP Financial Results (1):
Total non-GAAP operating costs and expenses in the fourth quarter of 2014 were $44.6 million, 1% lower than the previous quarter, and 2% higher than the fourth quarter of 2013.
Total non-GAAP operating costs and expenses for the year ended December 31, 2014 were $177.4 million as compared to $180.0 million in the same period of 2013 due primarily to lower litigation expenses offset by higher cost of sales due to increased sale of lighting products.
Non-GAAP net income in the fourth quarter of 2014 was $16.7 million, 13% higher than the prior quarter and 2% higher than the fourth quarter of 2013. Non-GAAP diluted net income per share was $0.14 in the fourth quarter of 2014 as compared to $0.13 in the prior quarter and $0.14 in the fourth quarter of 2013.
Non-GAAP net income for the year ended December 31, 2014 was $70.1 million as compared to $49.7 million in the same period of 2013. Non-GAAP diluted net income per share was $0.60 for the year ended December 31, 2014 as compared to non-GAAP diluted net income per share of $0.43 for the year ended December 31, 2013.
Other Financial Highlights:
Cash, cash equivalents, and marketable securities as of December 31, 2014 were $300.1 million, an increase of $29.0 million from September 30, 2014.
During the fourth quarter of 2014, the Company recorded an income tax provision of approximately $6.8 million. As the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets, the Company’s tax provision consists of primarily foreign withholding taxes.
2015 First Quarter and Annual Outlook:
For the first quarter of 2015, the Company expects revenue to be between $70 million and $75 million. For 2015, the Company expects revenue to be between $300 million and $315 million. Revenue is not without risk and includes expectations that the Company will sign new customers for patent as well as solutions licensing and renew or extend agreements with existing customers.
Conference Call:
The Company will host a conference call at 2:00 p.m. PT today to discuss its financial results. The call, audio and slides will be available online at investor.rambus.com. A replay will be available following the call as a webcast on the Rambus Investor Relations website and for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID#64238473.
(1) Non-GAAP Financial Information:
In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the following non-GAAP financial measures: operating costs and expenses, operating income (loss) and net income (loss). In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expenses, acquisition-related transaction costs and retention bonus expense, amortization expenses, costs of restatement and related legal activities, restructuring charges, impairment charges, severance costs, non-cash interest expense and certain other one-time adjustments. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company’s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.
The Company’s non-GAAP financial measures reflect adjustments based on the following items:
Stock-based compensation expense. These expenses primarily relate to employee stock options, employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different option valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company’s results with peer companies.
Acquisition-related transaction costs and retention bonus expense. These expenses include all direct costs of certain acquisitions and the current periods’ portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods.
Restructuring charges. These charges may consist of severance, contractual retention payments, exit costs and other charges and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.
Impairment of goodwill and long-lived assets. These charges consist of non-cash charges to goodwill and long-lived assets and are excluded because such charges are non-recurring and do not reduce the Company’s liquidity.
Amortization expense. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.
Costs of restatement and related legal activities. These expenses consist primarily of investigation, audit, legal and other professional fees related to the 2006-2007 stock option investigation and related litigation, as well as recoveries received from third parties. The Company excludes these costs and recoveries from its non-GAAP measures primarily because the Company believes that these non-recurring costs and recoveries have no direct correlation to the operation of the Company’s core business.
Non-cash interest expense on convertible notes. The Company incurs non-cash interest expense related to its convertible notes. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.
Reversal of one-time litigation costs. These adjustments are a one-time litigation cost reversal of prior litigation costs accrued related to previously awarded costs that the Company was required to pay in connection with the SK hynix and Micron Technology litigation. The Company excludes these reversals from its non-GAAP measures because the Company believes that these reversals have no direct correlation to the operations of the Company’s core business and they are a one-time event.
Severance costs. These expenses relate to the separation payment to the Company’s former chief executive officer. The Company excludes these costs from its non-GAAP measures because the Company believes that these non-recurring costs have no direct correlation to the operations of the Company’s core business.
Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 36 percent, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits and deferred tax asset valuation allowance. Accordingly, the Company has applied the 36 percent tax rate to its non-GAAP financial results for all periods to assist the Company’s planning for future periods. The Company has provided below a reconciliation of its GAAP provision for income taxes and GAAP effective tax rate to the assumed non-GAAP provision for income taxes and non-GAAP effective tax rate.
On occasion in the future, there may be other items, such as significant gains or losses from contingencies that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 including relating to Rambus’ expectations regarding 2015 revenue for the first quarter and year, and estimated, fixed, long-term projected tax rates. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by Rambus’ management. Actual results may differ materially. Rambus’ business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. Rambus undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
About Rambus Inc.
Rambus brings invention to market. Our customizable IP cores, architecture licenses, tools, services, and training improve the competitive advantage of our customers’ products while accelerating their time-to-market. Rambus products and innovations capture, secure and move data. For more information, visit www.rambus.com.
Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
||
December 31, 2014 |
December 31, 2013 |
|
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 154,126 | $ 338,696 |
Marketable securities | 145,983 | 48,966 |
Accounts receivable | 6,001 | 2,251 |
Prepaids and other current assets | 8,541 | 8,253 |
Deferred taxes | 187 | 205 |
Total current assets | 314,838 | 398,371 |
Intangible assets, net | 89,371 | 117,172 |
Goodwill | 116,899 | 116,899 |
Property, plant and equipment, net | 64,023 | 72,642 |
Deferred taxes, long-term | 536 | 4,797 |
Other assets | 2,612 | 3,498 |
Total assets | $ 588,279 | $ 713,379 |
Liabilities & Stockholders’ Equity | ||
Current liabilities: | ||
Accounts payable | $ 6,962 | $ 7,001 |
Accrued salaries and benefits | 14,840 | 33,448 |
Convertible notes, short-term | – | 164,047 |
Other accrued liabilities | 12,856 | 8,346 |
Total current liabilities | 34,658 | 212,842 |
Long-term liabilities: | ||
Convertible notes, long-term | 115,089 | 109,629 |
Long-term imputed financing obligation | 39,063 | 39,349 |
Other long-term liabilities | 7,847 | 11,330 |
Total long-term liabilities | 161,999 | 160,308 |
Total stockholders’ equity | 391,622 | 340,229 |
Total liabilities and stockholders’ equity | $ 588,279 | $ 713,379 |
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||
December 31, | December 31, | |||
2014 | 2013 | 2014 | 2013 | |
Revenue: | ||||
Royalties | $64,134 | $69,867 | $271,521 | $264,111 |
Contract and other revenue | 7,906 | 3,555 | 25,037 | 7,390 |
Total revenue | 72,040 | 73,422 | 296,558 | 271,501 |
Operating costs and expenses: | ||||
Cost of revenue (1) | 10,748 | 10,358 | 41,947 | 33,215 |
Research and development (1) | 28,445 | 26,803 | 110,025 | 117,981 |
Sales, general and administrative (1) | 19,131 | 18,511 | 74,770 | 76,467 |
Restructuring charges | – | 2,211 | 39 | 5,546 |
Impairment of goodwill and long-lived assets | – | 9,681 | – | 17,751 |
Gain from sale of intellectual property | (3,359) | – | (3,529) | (1,388) |
Gain from settlement | (510) | (356) | (2,040) | (535) |
Total operating costs and expenses | 54,455 | 67,208 | 221,212 | 249,037 |
Operating income | 17,585 | 6,214 | 75,346 | 22,464 |
Interest income and other income (expense), net | 156 | (223) | (276) | (1,596) |
Interest expense | (3,065) | (9,595) | (24,820) | (32,885) |
Interest and other income (expense), net | (2,909) | (9,818) | (25,096) | (34,481) |
Income (loss) before income taxes | 14,676 | (3,604) | 50,250 | (12,017) |
Provision for income taxes | 6,835 | 6,173 | 24,049 | 21,731 |
Net income (loss) | $7,841 | $(9,777) | $26,201 | $(33,748) |
Net income (loss) per share: | ||||
Basic | $0.07 | $(0.09) | $0.23 | $(0.30) |
Diluted | $0.07 | $(0.09) | $0.22 | $(0.30) |
Weighted average shares used in per share calculation | ||||
Basic | 115,024 | 113,217 | 114,318 | 112,415 |
Diluted | 117,620 | 113,217 | 117,624 | 112,415 |
(1) Total stock-based compensation expense for the three months and years ended December 31, 2014 and 2013 are presented as follows: | ||||
Three Months Ended | Year Ended | |||
December 31, | December 31, | |||
2014 | 2013 | 2014 | 2013 | |
Cost of revenue | $10 | $7 | $44 | $19 |
Research and development | $1,642 | $1,431 | $7,216 | $6,597 |
Sales, general and administrative | $1,883 | $1,658 | $7,470 | $8,365 |
Supplemental Reconciliation of GAAP to Non-GAAP Results
(In thousands)
(Unaudited)
Three Months Ended | Year Ended | ||||
December 31, 2014 | September 30, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |
Operating costs and expenses | $ 54,455 | $ 55,244 | $ 67,208 | $ 221,212 | $ 249,037 |
Adjustments: | |||||
Stock-based compensation expense | (3,535) | (3,441) | (3,096) | (14,730) | (14,981) |
Acquisition-related transaction costs and retention bonus expense | (6) | (6) | (1,463) | (2,475) | (10,372) |
Amortization expense | (6,323) | (6,741) | (7,489) | (26,618) | (28,909) |
Reversal of one-time litigation costs | – | – | 566 | – | 9,048 |
Restructuring charges | – | – | (2,211) | (39) | (5,546) |
Impairment of goodwill and long-lived assets | – | – | (9,681) | – | (17,751) |
Severance costs | – | – | – | – | (514) |
Costs of restatement and related legal activities | – | – | – | – | (19) |
Non-GAAP operating costs and expenses | $ 44,591 | $ 45,056 | $ 43,834 | $ 177,350 | $ 179,993 |
Operating income | $ 17,585 | $ 14,468 | $ 6,214 | $ 75,346 | $ 22,464 |
Adjustments: | |||||
Stock-based compensation expense | 3,535 | 3,441 | 3,093 | 14,730 | 14,981 |
Acquisition-related transaction costs and retention bonuses | 6 | 6 | 1,463 | 2,475 | 10,372 |
Amortization expense | 6,323 | 6,741 | 7,489 | 26,618 | 28,909 |
Reversal of one-time litigation costs | – | – | (566) | – | (9,048) |
Restructuring charges | – | – | 2,211 | 39 | 5,546 |
Impairment of goodwill and long-lived assets | – | – | 9,681 | – | 17,751 |
Severance costs | – | – | – | – | 514 |
Costs of restatement and related legal activities | – | – | – | – | 19 |
Non-GAAP operating income | $ 27,449 | $ 24,656 | $ 29,588 | $ 119,208 | $ 91,508 |
Income (loss) before income taxes | $ 14,676 | $ 10,860 | $ (3,604) | $ 50,250 | $ (12,017) |
Adjustments: | |||||
Stock-based compensation expense | 3,535 | 3,441 | 3,096 | 14,730 | 14,981 |
Acquisition-related transaction costs and retention bonuses | 6 | 6 | 1,463 | 2,475 | 10,372 |
Amortization expense | 6,323 | 6,741 | 7,489 | 26,618 | 28,909 |
Reversal of one-time litigation costs | – | – | (566) | – | (9,048) |
Restructuring charges | – | – | 2,211 | 39 | 5,546 |
Impairment of goodwill and long-lived assets | – | – | 9,681 | – | 17,751 |
Severance costs | – | – | – | – | 514 |
Costs of restatement and related legal activities | – | – | – | – | 19 |
Impairment of investment | – | 600 | – | 600 | 1,400 |
Non-cash interest expense on convertible notes | 1,536 | 1,515 | 5,927 | 14,762 | 19,296 |
Non-GAAP income before income taxes | $ 26,067 | $ 23,163 | $ 25,697 | $ 109,474 | $ 77,723 |
GAAP provision for income taxes | 6,835 | 5,347 | 6,173 | 24,049 | 21,731 |
Adjustment to GAAP provision for income taxes | 2,552 | 2,992 | 3,078 | 15,362 | 6,249 |
Non-GAAP provision for income taxes | 9,387 | 8,339 | 9,251 | 39,411 | 27,980 |
Non-GAAP net income | $ 16,689 | $ 14,824 | $ 16,446 | $ 70,063 | $ 49,743 |
Non-GAAP basic net income per share | $ 0.15 | $ 0.13 | $ 0.15 | $ 0.61 | $ 0.44 |
Non-GAAP diluted net income per share | $ 0.14 | $ 0.13 | $ 0.14 | $ 0.60 | $ 0.43 |
Weighted average shares used in non-GAAP per share calculation: | |||||
Basic | 115,024 | 114,523 | 113,217 | 114,318 | 112,415 |
Diluted | 117,620 | 118,206 | 116,211 | 117,624 | 115,670 |
Supplemental Reconciliation of GAAP to Non-GAAP Effective Tax Rate (1)
Three Months Ended | Year Ended | ||||
December 31, 2014 | September 30, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |
GAAP effective tax rate | 47% | 49% | 171% | 48% | 181% |
Adjustment to GAAP effective tax rate | (11)% | (13)% | (135)% | (12)% | (145)% |
Non-GAAP effective tax rate | 36% | 36% | 36% | 36% | 36% |
(1) For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 36 percent, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits and deferred tax asset valuation allowance. Accordingly, the Company has applied the 36 percent tax rate to its non-GAAP financial results for all periods to assist the Company’s planning for future periods.
Rambus Announces New Stock Repurchase Program
Board of directors authorizes repurchase of up to 20 million shares
SUNNYVALE, Calif. – January 26, 2015 – Rambus Inc. (NASDAQ: RMBS) today announced that its board of directors has approved a new share repurchase program authorizing the repurchase of up to 20 million shares.
“As we continue to execute on our strategic programs, we remain confident in our long-term prospects,” said Dr. Ron Black, president and chief executive officer at Rambus. “Under this new repurchase program, we will buy back shares opportunistically and strategically while maintaining our commitment of delivering shareholder value.”
Share repurchases under the plan may be made through the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules, and regulations. There is no expiration date applicable to the plan.
This new stock repurchase program replaces the existing program and cancels the 5.2 million shares outstanding as part of the previous authorization.
About Rambus Inc.
Rambus brings invention to market. Our customizable IP cores, architecture licenses, tools, services, and training improve the competitive advantage of our customer’s products while accelerating their time-to-market. Rambus products and innovations capture, secure and move data. For more information, visit rambus.com.
Lensless smart sensor technology is SWaP-C friendly
Writing for Military Embedded Systems, Amanda Harvey notes that stringent size, weight, power and cost (SWaP-C) requirements are influencing nearly every modern military platform. “Everything seems to be getting smaller in the U.S. military arsenal – whether it’s an unmanned aerial vehicle (UAV), an intelligence, surveillance, and reconnaissance (ISR) payload, or a handheld GPS device,” Harvey explained.
Rambus Appoints Tom Fisher to Its Board of Directors
Oracle executive brings extensive experience in developing cloud-based products and services
SUNNYVALE, Calif. – January 22, 2015 – Rambus Inc. (NASDAQ: RMBS) today announced the appointment of Mr. Ellis Thomas Fisher as a director to its Board, effective immediately. Mr. Fisher is an industry veteran with extensive experience in cloud computing. He is currently senior vice president and chief information officer (CIO) of Global Commercial Cloud Services at Oracle.
“As the market moves to more cloud-based products and services, we felt it was important to round out our Board with this level of knowledge and expertise,” said Mr. Eric Stang, Chairman of the Board at Rambus. “In addition to his extensive experience, Tom brings leadership and perspective that will prove valuable as we continue to execute on our strategic programs. We are pleased to welcome Tom to our Board.”
“The market is moving quickly and clearly cloud-based products and services are set to have a big impact,” noted Fisher. “Rambus is a clear leader in technology development and innovation and I look forward to participating in guiding the organization into the future.”
Prior to joining Oracle, Mr. Fisher served as CIO and vice president of Cloud Computing at SuccessFactors, Inc. where he helped establish the company as a leader in Software as a Service (SaaS) through successful programs. Mr. Fisher spent seven years at Qualcomm where he served as CIO of CDMA Technologies, responsible for developing and delivering the company’s business and engineering solutions. He also served as guest instructor at the UCLA Anderson School of Business as well as the UC-San Diego Grady School of Business. Before Qualcomm, he was vice president and acting chief technology officer (CTO) at eBay, where he was responsible for establishing the company’s technology strategy to support the company’s massive scale and shifting business requirements. Other executive and management roles include serving as chief architect for Gateway Computers and senior manager of Vendor and Software Alliances at IBM. In 2008, Mr. Fisher was honored as San Diego Technology Executive of the Year. Mr. Fisher holds a bachelor of arts degree from the University of North Carolina in Charlotte.
About Rambus Inc.
Rambus brings invention to market. Our customizable IP cores, architecture licenses, tools, services, and training improve the competitive advantage of our customer’s products while accelerating their time-to-market. Rambus products and innovations capture, secure and move data. For more information, visit rambus.com.
Press contacts:
Sam Katzen
MSLGROUP
(415) 512-0770
[email protected]
Tezzaron to Incorporate Rambus ReRAM Memory Technology
Architecture enhances power and performance in military, aerospace and commercial applications
SUNNYVALE, Calif. and Naperville, Ill. – January 22, 2015 – Rambus Inc. (NASDAQ:RMBS) and Tezzaron Semiconductor today announced that they have signed an agreement to incorporate Rambus oxide-resistive memory (ReRAM) technology in forthcoming Tezzaron devices. This architecture license gives Tezzaron access to system IP, specifications and validation suites to design differentiated chips using ReRAM, which is ideally suited to improve the power and performance requirements in military, aerospace, and commercial memory applications.
“Rambus is a great company to work with and their ReRAM technology is a game-changer,” said Bob Patti, chief technology officer at Tezzaron. “By implementing ReRAM in our unique 3D architecture, we can revolutionize high-performance computing with better endurance and superior power efficiency.”
“At Rambus we are continually developing comprehensive memory solutions that take into account the evolving needs of an increasingly diverse market,” said Gary Bronner, vice president of Rambus Labs. “ReRAM fills the gap between what DRAM and Flash can provide while being highly reliable and high speed. Collaboration with Tezzaron takes full advantage of this new technology by differentiating the memory architecture for numerous use cases across the embedded landscape.”
Tezzaron plans to build ReRAM into storage-class 3D memory devices for military, aerospace and commercial applications. Tezzaron also plans to implement ReRAM in an assortment of SoCs, FPGAs and processors to exploit the extensive split-fab production experience of Tezzaron’s fabrication subsidiary, Novati Technologies. Using ReRAM, Novati can add hundreds of megabytes of storage to a logic device manufactured in a standard commercial fab.
In addition to military and aerospace applications, ReRAM technology can be utilized in a variety of embedded storage memory devices where low power, design integration, cost and performance are all important factors. Among these, the development of storage memory in connected devices is fast becoming critical.
The first in Tezzaron’s family of ReRAM devices is currently in design and is scheduled for production in 2016.
Follow Rambus
Company website: rambus.com
Rambus blog: rambusblog.com
Twitter: @rambusinc
LinkedIn: www.linkedin.com/company/rambus
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About Rambus Inc.
Rambus brings invention to market. Our customizable IP cores, architecture licenses, tools, services, and training improve the competitive advantage of our customer’s products while accelerating their time-to-market. Rambus products and innovations capture, secure and move data. For more information, visit rambus.com.
About Tezzaron Semiconductor
Tezzaron is a full service turn-key supplier of 3D and 2.5D memory, memory subsystems and memory-intensive SoCs. Tezzaron specializes in 3D wafer and die stacking, TSV processes and wide-ranging collaborations, creating commercial parts as well as custom devices for prototyping and production. For more information, visit www.Tezzaron.com.
About Novati Technologies
Novati Technologies, a wholly owned subsidiary of Tezzaron, is the premier innovation partner for accelerating nanotechnology development and commercialization. Novati’s proven advanced technology and secure IP infrastructure, combined with its recognized Technology Development Process, supports companies developing MEMS, microfluidics, novel transistors, photovoltaics and other nanotechnologies for the semiconductor, life sciences and aerospace and defense markets. For more information, visit www.Novati-Tech.com.
Press contacts:
Sam Katzen
MSLGROUP for Rambus
(415) 512-0770
[email protected]